Accounting Module assessment contains three parts (Parts 1, 2, and 3). Please follow the instructions carefully. Requirements Part 1: Prepare...

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Accounting

Accounting Module assessment contains three parts (Parts 1, 2,and 3). Please follow the instructionscarefully.

Requirements

Part 1:

Prepare the journal entries for each set of transaction databelow.

Post the transactions in the ledger.

Extract the unadjusted trial balance as of January 31 of thiscurrent year.

Part 2:

For this section, prepare the following adjusted journalentries.

Record depreciation of $1,000 for equipment.

Accrue unpaid wages of $715.

Accrue unpaid utilities of $420.

Part 3:

Prepare an Adjusted Trial Balance as of January 31 of thisyear.

Submit your completed assessment to the Dropbox beforethe end of Week 8.

Transaction data

Jonathan Swiss owns the Sports Watch Repairs Store. He providesthe transactions relating to the month of January this year.

January2          Invested$10,000 cash as well as providing watch repair equipment with avaluation of $4,800 (Hint: Treat watch repair equipment as part ofcapital.)

January4            Paid first month's rent of $900 cash

January6            Received $2,500 cash for watch repairs

January8            Purchased supplies on account from Sears for $500

January9            Repaired a vintage watch on account for $1,500

January9            Paid $575 cash for wages

January12          Purchased watch repair equipment for $1,200 cash

January13          Received $5,500 cash from watch repairs

January16          Purchased equipment on account from Sears for $1,000

January18           Paid$520 cash for advertising expense

January20          Withdrew $750 cash for personal expenses

January22          Received $950 cash on account for work done on January 9

January23           Paid$475 cash for wages

January26          Received $7,000 cash from watch repairs

January27           Paid$850 cash on account for the January 16 transactions

January30          Received $480 cash from repairs previously done on an antiquewatch

Please complete in a copy and paste form (and not anattachment). PLEASE!!! Thank you

Answer & Explanation Solved by verified expert
4.1 Ratings (869 Votes)
Journal Entries Sports Watch Repair Store For the month of January In In Date Particulars Debit AmountDr Credit amountCr Jan02 Capital Ac Dr 1480000 To Cash 1000000 To Watch repair equipment 480000 Being cash and equipment invested in business Jan04 Rent Ac Dr 90000 To cash 90000 Being Rent Paid Jan06 Cash Ac Dr    See Answer
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